Are You Upset about Declining Home Values?

Are you upset about declining home values in your neighborhood. If you are you are not alone.

The other day I was asked by a neighbor to do a “Market Value” on her home because she is a senior and is thinking about selling her home and moving to a retirement community.

When I completed the “Market Value” I was shocked to see the lower value of homes even in my own neighborhood.

I remember 15 years ago several neighbors decided to put additions on their homes and we used the same contractor and were very happy with the results. Each year we saw our home values increase as a result of our home improvements.

Today is a different story. There are 3 homes on my own block which are listed as “Short Sales” and another 3 homes in the neighborhood that are bank owned foreclosures.

On a personal level I feel very sad about the current affairs of my neighbors and my neighborhood. I also realize that home values will continue to decline in my neighborhood just like other neighborhoods and there is little I can do about it.

I do have confidence that the home values will eventually stabilize and we will see the real benefits to home ownership in the near future.

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Written by Jack Lewitz | Discussion: No Comm